Americans who receiving retirement investment advice need better protection and a rule proposed by U.S. Department of Labor’s would limit conflicts of interest and increase accountability.
Pres. Obama spoke Monday in favor of the rule, which the department is expected to submit formally in the coming months. It needs to be reviewed by the Office of Management and Budget then returned to the department for final action.
A White House report released Monday shows that conflicts of interest are costing middle class families and individuals up to $17 billion each year. It said that the current regulatory process cost savers billions of dollars a year.